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Metro Denver apartment rents soar to an all-time high

Q2 Metro Denver Vacancy & Rent Report said there was a spike in rent with a decrease in vacancy.

DENVER — Rents for metro Denver apartments reached an all-time high, while the vacancy rate stood at historic lows, according to the Q2 Metro Denver Vacancy & Rent Report.

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Report authors called the Q2 results “extraordinary.”

“There was a spike in rent along with a decrease in vacancy,” according to the report. “This is becoming a common result for other areas of the country as we emerged from COVID-19 restrictions. Although common to have seasonal rent increases for the second quarter, the current results are extraordinary.”

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The report, which gathers data from almost 130,000 apartments across six metro Denver counties, showed the average apartment rent stood at $1,651, a 6.5% hike from Q1 and 9% increase year-over-year. That $108 increase in average rent is “the largest quarterly dollar change ever recorded by this survey.” The prior quarterly increase high was $64 between Q1 and Q2 of 2018. In less than 10 years, average metro Denver rents have more than doubled, as $800 was the average in Q2 2002.

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> Read the full story at Colorado Politics

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